0001992243-25-000040 | 10-Q | XBRL Viewer

ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued purchases	$ 12,317	$ 65,146
Accrued payroll and payroll related expenses	$ 3,753	$ 12,378
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Operating lease liabilities	$ 13,028	$ 9,314
Other current liabilities	2,047	4,508
Total	$ 31,145	$ 91,346

FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

Financial liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, consisted of the following (in thousands):


	September 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Liabilities:
Anti-dilution Right	$	—	$	—	$	25,278	$	25,278	$	—	$	—	$	18,454	$	18,454
Private Warrants	—		—		438		438		—		—		3,306		3,306
Share Purchase Agreement	—		—		—		—		—		—		14,905		14,905

We measure our Anti-dilution Right, Private Warrants, and Share Purchase Agreement at fair value based on significant inputs not observable in the market, which caused them to be classified as Level 3 measurements within the fair value hierarchy. The valuation uses assumptions and estimates that we believe a market participant would use when making the same valuation. Changes in the fair value of the Anti-dilution Right and Share Purchase Agreement are recognized in derivative liabilities fair value adjustment in the condensed consolidated statements of operations and comprehensive loss. Changes in the fair value of the Private Warrants were recognized under warrant liability fair value adjustment in the condensed consolidated statements of operations and comprehensive loss.

As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company’s cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and other current liabilities approximate their respective fair values due to the short-term maturities of these instruments.

The carrying amount of the Company’s debt instruments approximates fair value, as the current borrowing base rates for the Senior Secured Credit Facility does not materially differ from market rates of similar borrowings and the related party debt instruments were recorded at fair value on the closing date of the Trina Business Combination.

Anti-dilution Right

The Anti-dilution Right was valued using the Black-Scholes-Merton option pricing model. See Note 9 – Redeemable Preferred Stock, Anti-dilution Right, and Share Purchase Agreement above for further details. Our use of the Black-Scholes-Merton option pricing model for the Anti-dilution Right, required the use of subjective assumptions, including:

•The risk-free interest rate assumption was based on the U.S. Treasury Rates commensurate with the contractual terms of the Anti-dilution Right.

•The expected term was determined based on the expiration date of the Anti-dilution Right.

•The expected volatility assumption was based on the implied volatility from the Company’s stock price.

The fair value of the Anti-dilution Right was determined using this approach, an exercise price of $1.70 and a share price of $2.18 as of September 30, 2025 and an exercise price of $2.50 and a share price of $2.58 as of December 31, 2024. A decrease in the risk-free interest rate, and an increase in each of the expected term or expected volatility, in isolation, would increase the fair value measurement, while an increase in the risk-free interest rate, and a decrease in each of the expected term or expected volatility would decrease the fair value measurement of the Anti-dilution Right.

Share Purchase Agreement

On September 10, 2025, the Company and the investor, entered into a Termination Letter pursuant to which the Share Purchase Agreement is terminated and in consideration for the termination of the Share Purchase Agreement, the Company agreed to pay the investor $5.0 million and issue 7.0 million Penny Warrants, see Note 8 – Warrants and Note 9 – Redeemable Preferred Stock, Anti-dilution Right, and Share Purchase Agreement above for further details. The Share Purchase Agreement was valued using the Black-Scholes-Merton option pricing model. Our use of the Black-Scholes-Merton option pricing model for the Share Purchase Agreement, required the use of subjective assumptions, including:

•The risk-free interest rate assumption was based on the U.S. Treasury Rates commensurate with the contractual terms of the Share Purchase Agreement.

•The expected term was determined based on the expected transaction date of the Share Purchase Agreement.

•The expected volatility assumption was based on the implied volatility from the Company’s stock price.

The fair value of the Share Purchase Agreement was determined using this approach, an exercise price of $1.05, and a share price of $1.94 as of market close on September 9, 2025 and a share price of $2.58 as of December 31, 2024. The Share Purchase Agreement was terminated on September 10, 2025.

Private Warrants

The Private Warrants were valued using the Black-Scholes-Merton option pricing model. See Note 8 – Warrants above for further details. Our use of the Black-Scholes-Merton option pricing model for the Private Warrants required the use of subjective assumptions, including:

•The risk-free interest rate assumption was based on the U.S. Treasury Rates commensurate with the contractual terms of the Private Warrants.

•The expected term was determined based on the expiration date of the Private Warrants.

•The expected volatility assumption was based on the implied volatility from the publicly traded Public Warrants.

The fair value of the Private Warrants was determined using this approach, an exercise price of $11.50, and a share price of $2.18 as of September 30, 2025 and $2.58 as of December 31, 2024. A decrease in the risk-free interest rate, and an increase in each of the expected term or expected volatility, in isolation, would increase the fair value measurement, while an increase in the risk-free interest rate, and a decrease in each of the expected term or expected volatility would decrease the fair value measurement of the Private Warrants.

Rollforward of Level 3 Fair Value Instruments

The changes in the Level 3 instruments measured at fair value on a recurring basis were as follows (in thousands):


	Nine months ended September 30, 2025

	Anti-dilution Right		Private Warrants		Share Purchase Agreement
Balance (beginning of period)	$	18,454	$	3,306	$	14,905

Fair value measurement adjustments	6,824		(2,868)		(2,233)


Settlements	—		—		(12,672)
Balance (end of period)	$	25,278	$	438	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 34,146	$ 72,641
Restricted cash	45,398	4,004
Government grants receivable, net	93,065	687
Inventory	251,958	274,549
Advances to suppliers	139,996	164,811
Other current assets	204	1,569
Current assets of discontinued operations	51,574	64,909
Total current assets	695,237	583,170
Restricted cash	7,190	0
Property and equipment, net	289,761	285,187
Goodwill	60,923	74,527
Intangible assets, net	191,924	281,881
Right-of-use asset under operating leases	150,969	111,081
Total assets	1,396,004	1,335,846
Current liabilities:
Accrued liabilities and other	31,145	91,346
Deferred revenue	77,369	48,155
Derivative liabilities	0	14,905
Current portion of long-term debt	120,096	94,367
Current liabilities of discontinued operations	40,415	51,009
Total current liabilities	615,647	414,024
Long-term deferred revenue	28,000	32,000
Operating lease liability	141,482	101,787
Deferred tax liability	1,828	21,227
Other long-term liabilities	26,159	21,761
Total liabilities	1,240,346	1,098,709
Commitments and contingencies
Redeemable preferred stock
Convertible series A preferred stock, $0.01 par value, $5,000 issued and outstanding as of both September 30, 2025 and December 31, 2024 (includes accrued dividends of $2,323 as of September 30, 2025 and accrued dividends and accretion of $87 as of December 31, 2024.	58,753	48,375
Equity:
Common stock, $0.01 par value, $168,626 issued and outstanding as of September 30, 2025 and 155,928 issued and outstanding as of December 31, 2024	1,686	1,559
Additional paid-in capital	1,014,970	971,416
Accumulated other comprehensive loss	(15,806)	(58,975)
Accumulated deficit	(903,945)	(725,238)
Total equity	96,905	188,762
Total liabilities, redeemable preferred stock and equity	1,396,004	1,335,846
Nonrelated party
Current assets:
Accounts receivable trade, net	11,863	0
Current liabilities:
Accounts payable	69,140	61,708
Accrued liabilities and other	31,145	91,346
Current portion of long-term debt	46,096	42,867
Long-term debt	152,876	188,316
Related party
Current assets:
Accounts receivable trade, net	67,033	0
Current liabilities:
Current portion of long-term debt	74,000	51,500
Accounts payable and accrued liabilities - related parties	277,482	52,534
Convertible note - related party	47,338	80,698
Long-term debt	$ 227,016	$ 238,896

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jul. 31, 2025 entity
Commitments and Contingencies Disclosure [Abstract]
Number of entities	1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred shares par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares outstanding (in shares)	5,000	5,000
Preferred shares issued (in shares)	5,000	5,000
Preferred dividends and accretion	$ 2,323	$ 87
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	168,626	155,928
Common stock, shares outstanding (in shares)	168,626	155,928

RELATED PARTY TRANSACTIONS - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Accrued liabilities and other	$ 31,145	$ 91,346
Related party
Related Party Transaction [Line Items]
Accounts receivable trade, net	67,033	0
Related party \| Trina Group
Related Party Transaction [Line Items]
Accounts receivable trade, net	67,033	0
Accrued liabilities and other	131,349	52,534
Accounts payable	$ 146,133	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024


Leasehold improvements	$	193,659	$	—
Machinery and equipment	114,579		—
Office equipment	8,048		2,634
Construction in progress	6,939		284,136
Property and equipment	323,225		286,770
Less: Accumulated depreciation	(33,464)		(1,583)
Property and equipment, net	$	289,761	$	285,187

NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss per Share Attributable to Ordinary Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss from continuing operations	$ (127,593)			$ (14,179)			$ (163,576)	$ (35,831)
Net loss from discontinued operations, net of tax	(2,966)			(13,377)			(15,131)	(47,576)
Net loss	(130,559)	$ (31,909)	$ (16,239)	(27,556)	$ (27,161)	$ (28,690)	(178,707)	(83,407)
Net loss attributable to non-controlling interests	0			81			0	402
Preferred stock dividends and accretion	(819)			0			(2,601)	0
Preferred stock deemed dividend	(7,777)			0			(7,777)	0
Tranche right deemed dividend	(1,667)			0			(1,667)	0
Net loss attributable to common stockholders	$ (140,822)			$ (27,475)			$ (190,752)	$ (83,005)
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	160,977			140,490			157,622	140,102
Weighted average shares of common stock outstanding - diluted (in shares)	160,977			140,490			157,622	140,102
Net loss per share attributable to common stockholders:
Net loss per share from continuing operations - basic (in USD per share)	$ (0.85)			$ (0.10)			$ (1.11)	$ (0.25)
Net loss per share from continuing operations - diluted (in USD per share)	(0.85)			(0.10)			(1.11)	(0.25)
Net loss per share from discontinued operations, net of tax - basic (in USD per share)	(0.02)			(0.10)			(0.10)	(0.34)
Net loss per share from discontinued operations, net of tax - diluted (in USD per share)	(0.02)			(0.10)			(0.10)	(0.34)
Net loss per share - basic (in USD per share)	(0.87)			(0.20)			(1.21)	(0.59)
Net loss per share - diluted (in USD per share)	$ (0.87)			$ (0.20)			$ (1.21)	$ (0.59)

DISCONTINUED OPERATIONS - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets of discontinued operations	$ 51,574	$ 64,909
Current liabilities of discontinued operations	40,415	51,009
Discontinued operations, held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other current assets	768	8,926
Property and equipment, net	46,787	52,765
Intangible assets, net	161	1,625
Investments	0	515
Right-of-use asset under operating leases	3,858	1,078
Current assets of discontinued operations	51,574	64,909
Accounts payable	3,507	2,566
Accrued liabilities and other	14,021	5,764
Operating lease liability	15,713	15,136
Deferred revenue	174	0
Other current liabilities	7,000	27,543
Current liabilities of discontinued operations	$ 40,415	$ 51,009

SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Assets is Reported on the Condensed Consolidated Balance Sheet as Total Assets

Segment results are as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Total net sales	$	210,522	$	—	$	396,741	$	—
Less:
Cost of sales	189,374		—		325,051		—
Selling, general and administrative	62,663		17,397		166,027		46,085
Interest expense (income)	9,395		(1,074)		27,293		(3,627)
Other segment items (1)	88,766		(2,144)		62,521		(6,638)
Income tax (benefit) expense	(12,083)		—		(20,575)		11
Net loss from continuing operations	$	(127,593)	$	(14,179)	$	(163,576)	$	(35,831)

(1) Other segment items includes warrant liability fair value adjustment, impairment of intangible assets, derivative liabilities fair value adjustment, foreign currency transaction (loss) gain and other (expense) income, net, from our condensed consolidated statements of operations and comprehensive loss.

FAIR VALUE MEASUREMENT - Schedule of Changes in the Level 3 Assets and Liabilities Measured at Fair Value (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Anti-dilution Right
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance (beginning of period)	$ 18,454
Fair value measurement adjustments	6,824
-12672298	0
Balance (end of period)	25,278
Private Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance (beginning of period)	3,306
Fair value measurement adjustments	(2,868)
-12672298	0
Balance (end of period)	438
Share Purchase Agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance (beginning of period)	14,905
Fair value measurement adjustments	(2,233)
-12672298	(12,672)
Balance (end of period)	$ 0

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Goodwill [Line Items]
Impairment of intangible assets	$ 53,208	$ 0	$ 53,208	$ 0	$ 0
Customer Contracts
Goodwill [Line Items]
Intangible asset, estimated useful life	5 years		5 years
Trina Group
Goodwill [Line Items]
Goodwill, period decrease			$ 13,600
Adjustment to advances to suppliers			11,100
Adjustment to accrued liabilities			$ 2,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

Changes in the carrying value of goodwill were as follows (in thousands):


Balance as of December 31, 2024	$	74,527
Measurement period adjustments	(13,604)
Balance as of September 30, 2025	$	60,923

On December 23, 2024, we completed the acquisition to acquire all the shares of capital stock of Trina Solar (U.S.) Holding Inc., a Delaware corporation and related subsidiaries (collectively “Trina Solar US Holding”). The acquisition was accounted for as a business combination (“Trina Business Combination”) which requires assets and liabilities to be measured at their acquisition date fair values. We have not yet completed our purchase price allocation for the Trina Business Combination. We may continue to make adjustments to those measurements up to one year from the acquisition date, as we identify new information that existed as of the acquisition date to consider. Completion of the purchase price allocation for the Trina Business Combination will necessitate the use of this measurement period to adequately analyze and assess the information used in establishing the fair values of the assets and liabilities as of the acquisition date, including inventory, advances to suppliers, property and equipment, intangible assets, right-of-use assets under operating leases, accounts payable, accrued liabilities, operating lease liabilities, the aggregate values of long-term debt and other assets and liabilities acquired.

Measurement period adjustments for the Trina Business Combination reflect a decrease to goodwill of $13.6 million resulting from adjustments to advances to suppliers of $11.1 million and accrued liabilities and other of $2.5 million.

Intangible Assets, net

In connection with the Trina Business Combination, we recognized intangible assets related to acquired favorable customer contracts. An estimated useful life of 5 years was determined based on contractual terms of the offtake agreements. Intangible asset amortization for acquired favorable customer contracts is recognized in the condensed consolidated statements of operations and comprehensive loss as a reduction to net sales.

During the quarter ended September 30, 2025, a potential dispute arose regarding one of the Company’s acquired customer contracts that reduced our expected sales volumes during the quarter as compared to contracted amounts. As a result, we evaluated such acquired customer contract for potential impairment and concluded that the carrying value was not recoverable as of September 30, 2025. Therefore, we reduced the carrying value of such asset to its estimated fair value and recognized an asset impairment loss of $53.2 million in the three and nine months ended September 30, 2025.

Intangible assets, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Customer contracts	$	283,000	$	283,000
Less: Accumulated amortization	(37,868)		(1,119)
Less: Intangible asset impairment	(53,208)		—
Intangible assets, net	$	191,924	$	281,881

Future annual amortization expense is estimated to be as follows (in thousands):


Remainder of 2025	$	11,443
2026	45,400
2027	45,400
2028	45,400
2029	44,281
Thereafter	—
Total	$	191,924

Related Party Disclosures (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Accounts Receivable, Accrued Liabilities and Accounts Payable

Accounts receivable, accrued liabilities and accounts payable with Trina Group consisted of the following (in thousands):


	September 30, 2025		December 31, 2024

Accounts receivable due from related parties	$	67,033	$	—
Accrued liabilities due to related parties	131,349		52,534
Accounts payable due to related parties	146,133		—

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2025

RELATED PARTY TRANSACTIONS

Trina Group

We have related party balances and transactions with Trina Solar (Schweiz) AG and its affiliates (the “Trina Group”) as a result of the Trina Business Combination and through the normal course of business.

Module sales of $120.1 million and $239.9 million to the Trina Group are presented as net sales - related party for the three and nine months ended September 30, 2025, respectively. Net sales - related party for the three and nine months

ended September 30, 2025 are reduced for amortization of $11.4 million and $34.0 million, respectively, for the intangible asset related to a favorable acquired customer contract that was recorded as part of purchase accounting for the Trina Business Combination. Deferred revenue from offtake agreements with the Trina Group were $53.8 million and $40.2 million as of September 30, 2025, and December 31, 2024, respectively. The Company has agreements with the Trina Group to supply certain materials and components used in our solar module production, provide operational support and sales agency and aftermarket services. For the three and nine months ended September 30, 2025, we incurred $31.8 million and $59.7 million, respectively, in costs which were presented as selling, general and administrative expenses.

Accounts receivable, accrued liabilities and accounts payable with Trina Group consisted of the following (in thousands):


	September 30, 2025		December 31, 2024

Accounts receivable due from related parties	$	67,033	$	—
Accrued liabilities due to related parties	131,349		52,534
Accounts payable due to related parties	146,133		—

As consideration for the Trina Business Combination, we issued a note payable, a convertible note, and a derivative anti-dilution right to the Trina Group. In addition, the Company assumed an existing debt obligation to the Trina Group. Refer to Note 6 – Debt and Note 9 – Redeemable Preferred Stock, Anti-dilution Right, and Share Purchase Agreement for additional details on these instruments.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2025
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Common Stock As of September 30, 2025, 355.0 million shares of common stock were authorized with a par value of $0.01 per share and 168.6 million shares of common stock were issued and outstanding. Holders of common stock are entitled to one vote per share and to receive dividends when, as, and if, declared by our Board of Directors. As of September 30, 2025, we have not declared any dividends. Share-Based Compensation 2021 Plan In June 2021, we adopted the 2021 Equity Incentive Plan (amended and restated as of April 22, 2024), (the “2021 Plan”). The 2021 Plan provides for the grant of stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance units, and performance shares to our employees, directors, and consultants. Generally, our stock options and RSUs vest annually over three years and our stock options are exercisable over a maximum period of five years from their grant dates. Options are typically forfeited when the employment relationship ends for employees, and they do not typically forfeit for directors. Generally, our RSUs are equity-classified awards, as they are share settled. All exercised options are expected to be settled in shares, net of shares withheld to satisfy the award exercise price. As of September 30, 2025, a total of 34.9 million shares were authorized for issuance to satisfy share-based compensation awards made under the 2021 Plan. During the nine months ended September 30, 2025, 0.4 million options were granted, 3.8 million options were forfeited, 0.7 million options were exercised, 6.8 million RSUs were granted, 0.2 million RSUs were forfeited, and 1.3 million RSUs vested.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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-Paragraph 8A
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENT - Schedule of Financial Assets and Liabilities at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Liabilities:
Anti-dilution Right	$ 25,278	$ 18,454
Private Warrants	438	3,306
Share Purchase Agreement	0	14,905
Level 1
Liabilities:
Anti-dilution Right	0	0
Private Warrants	0	0
Share Purchase Agreement	0	0
Level 2
Liabilities:
Anti-dilution Right	0	0
Private Warrants	0	0
Share Purchase Agreement	0	0
Level 3
Liabilities:
Anti-dilution Right	25,278	18,454
Private Warrants	438	3,306
Share Purchase Agreement	$ 0	$ 14,905

DEBT - Schedule of Principal Maturities of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Remainder of 2025	$ 64,574
2026	120,357
2027	125,578
2028	124,950
2029	186,839
Thereafter	0
Total	$ 622,298	$ 685,000

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Oct. 31, 2025	Oct. 24, 2025	Oct. 23, 2025	Oct. 10, 2025	Sep. 30, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Common stock, par value (in USD per share)					$ 0.01	$ 0.01
Subsequent event
Subsequent Event [Line Items]
Stock purchase agreement, amount to be invested				$ 5.0
Subsequent event \| Securities Purchase Agreement
Subsequent Event [Line Items]
Sale of stock, amount received		$ 72.0
Common stock, par value (in USD per share)			$ 0.01
Purchase of shares (in shares)			22.2
Sale of stock, price per share (in USD per share)			$ 3.25
Subsequent event \| Encompass Stock Purchase Agreement
Subsequent Event [Line Items]
Aggregate gross proceeds	$ 50.0
Subsequent event \| Encompass Stock Purchase Agreement \| Common Stock
Subsequent Event [Line Items]
Purchase of shares (in shares)	21.5
Subsequent event \| Encompass Stock Purchase Agreement \| Series B Convertible Non-Voting Preferred Stock
Subsequent Event [Line Items]
Purchase of shares (in shares)	1.6
Subsequent event \| Encompass Stock Purchase Agreement \| Series B-1 Convertible Non-Voting Preferred Stock
Subsequent Event [Line Items]
Purchase of shares (in shares)	5.0
Sale of stock, price per share (in USD per share)	$ 10.00

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Flow Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Cash payments included in operating activities:
Interest paid			$ 12,240	$ 0
Income taxes paid, net of refunds			0	0
Noncash investing and financing activities:
Accrued purchases of property and equipment			34,322	6,133
Issuance of penny warrants			13,510	0
Issuance of shares of common stock for debt conversion			33,139	0
Deemed dividend related to amendment to Preferred Stock			7,777	0
Deemed dividend related to amendment of Tranche Right	$ 1,667	$ 0	$ 1,667	$ 0

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Customer contracts	$ 283,000		$ 283,000		$ 283,000
Less: Accumulated amortization	(37,868)		(37,868)		(1,119)
Less: Intangible asset impairment	(53,208)	$ 0	(53,208)	$ 0	0
Intangible assets, net	$ 191,924		$ 191,924		$ 281,881

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Class of Stock [Line Items]
Deferred revenue recognized	$ (40.2)
Customer One \| Net sales benchmark \| Customer concentration risk
Class of Stock [Line Items]
Concentration risk, percentage	60.00%
Customer One \| Accounts Receivable \| Customer concentration risk
Class of Stock [Line Items]
Concentration risk, percentage	85.00%
Customer Two \| Net sales benchmark \| Customer concentration risk
Class of Stock [Line Items]
Concentration risk, percentage	17.00%
Customer Two \| Accounts Receivable \| Customer concentration risk
Class of Stock [Line Items]
Concentration risk, percentage	15.00%
Customer Three \| Net sales benchmark \| Customer concentration risk
Class of Stock [Line Items]
Concentration risk, percentage	15.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of debt

Our debt arrangements consisted of the following (in thousands):


Loan Agreement	September 30, 2025		December 31, 2024
Trina Solar AG Note	$	150,000	$	150,000
Trina Solar (U.S.), Inc. Production Reserve Fee	220,000		220,000
Senior Secured Credit Facility	205,206		235,000
Convertible note - related party	47,092		80,000
Total debt principal	622,298		685,000
Less: unamortized discount	(74,972)		(82,723)
Total debt	547,326		602,277
Less: current portion	120,096		94,367
Noncurrent portion	$	427,230	$	507,910

Schedule of debt borrowing rates

As of September 30, 2025, our debt borrowing rates were as follows:


Loan Agreement	Interest Rate	Effective Interest Rate
Trina Solar AG Note	1.0%	6.0%
Trina Solar (U.S.), Inc. Production Reserve	—%	4.9%
Senior Secured Credit Facility	SOFR plus 2.5%	7.5%
Convertible note - related party	13.0%	13.0%

Schedule of maturities

The aggregate maturities of long-term debt as of September 30, 2025 were as follows (in thousands):


Remainder of 2025	$	64,574
2026	120,357
2027	125,578
2028	124,950
2029	186,839
Thereafter	—
Total	$	622,298

WARRANTS (Details) - $ / shares	9 Months Ended
WARRANTS (Details) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)	24,600,000	24,600,000
Warrant, number of shares called by each warrant (in shares)	1
Warrant, exercise price (in USD per share)	$ 11.50
Public Warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)	14,700,000	14,700,000
Warrant, redemption price (in USD per share)	$ 0.01
Warrant, minimum prior written notice	30 days
Warrant, redemption, price trigger (in USD per share)	$ 18.00
Warrant, threshold trading days	20 days
Warrant, threshold consecutive trading days	30 days
Private Warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)	9,900,000	9,900,000
EDGE Warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)		700,000
Warrant, number of shares called by each warrant (in shares)		1
Warrant, exercise price (in USD per share)		$ 1.22
Issuance of ordinary shares, net of transaction costs (in shares)	700,000
Exercise of warrants (in shares)	200,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (130,559)	$ (16,239)	$ (27,556)	$ (28,690)	$ (178,707)	$ (83,407)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense					7,103	6,449
Depreciation and amortization					68,630	7,028
Impairment of intangible assets	53,208		0		53,208	0	$ 0
Change in fair value of derivative liabilities					4,591	0
Loss on settlement of warrant liability	5,836		0		5,836	0
Gain on sale of property and equipment					(5,675)	0
Accretion of discount on long-term debt					12,322	0
Reduction in the carrying amount of right-of-use assets					5,025	1,282
Warrant liability fair value adjustment					(2,868)	(1,294)
Deferred income taxes					(19,399)	0
Share of net loss of equity method investee					425	484
Foreign currency transaction net unrealized loss (gain)					257	(1,075)
Write-down of held for sale assets					3,793	0
Other					1,674	0
Changes in assets and liabilities:
Accounts receivable trade					(78,896)	0
Government grants receivable					(92,378)	0
Inventory					22,591	0
Advances to suppliers and other current assets					(25,107)	(13)
Accounts payable, accrued liabilities and other					194,622	(2,055)
Deferred revenue					25,214	0
Net cash (used in) provided by operating activities					52,475	(72,575)
Cash flows from investing activities:
Proceeds from the return of property and equipment deposits					1,202	22,735
Purchases of property and equipment					(60,817)	(34,683)
Proceeds from the sale of property and equipment					50,000	0
Net cash used in investing activities					(9,615)	(11,948)
Cash flows from financing activities:
Repayment of debt					(29,794)	0
Debt fees paid					(3,760)	0
Payment for non-controlling interest					0	(4,130)
Net cash used in financing activities					(33,554)	(4,130)
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash					783	(3,036)
Net increase (decrease) in cash, cash equivalents, and restricted cash					10,089	(91,689)
Cash, cash equivalents, and restricted cash at beginning of period		$ 76,645		$ 275,742	76,645	275,742	275,742
Cash, cash equivalents, and restricted cash at end of period	86,734		184,053		86,734	184,053	76,645
Reconciliation to condensed consolidated balance sheets:
Cash and cash equivalents	34,146		181,851		34,146	181,851	72,641
Restricted cash	52,588		2,202		52,588	2,202
Cash, cash equivalents, and restricted cash	$ 86,734		$ 184,053		$ 86,734	$ 184,053	$ 76,645

INVENTORY

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following (in thousands):


	September 30, 2025		December 31, 2024

Raw materials	$	112,321	$	253,409
Spare parts	680		—

Finished goods - PV solar modules	138,957		21,140
Total	$	251,958	$	274,549

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

Changes in the carrying value of goodwill were as follows (in thousands):


Balance as of December 31, 2024	$	74,527
Measurement period adjustments	(13,604)
Balance as of September 30, 2025	$	60,923

Schedule of intangible assets

Intangible assets, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Customer contracts	$	283,000	$	283,000
Less: Accumulated amortization	(37,868)		(1,119)
Less: Intangible asset impairment	(53,208)		—
Intangible assets, net	$	191,924	$	281,881

Schedule of future amortization expense

Future annual amortization expense is estimated to be as follows (in thousands):


Remainder of 2025	$	11,443
2026	45,400
2027	45,400
2028	45,400
2029	44,281
Thereafter	—
Total	$	191,924

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

NET LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share Attributable to Ordinary Shareholders

The computation of basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except per share data):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Numerator:
Net loss from continuing operations	$	(127,593)	$	(14,179)	$	(163,576)	$	(35,831)
Net loss from discontinued operations, net of tax	(2,966)		(13,377)		(15,131)		(47,576)
Net loss	(130,559)		(27,556)		(178,707)		(83,407)
Net loss attributable to non-controlling interests	—		81		—		402
Preferred stock dividends and accretion	(819)		—		(2,601)		—
Preferred stock deemed dividend	(7,777)		—		(7,777)		$	—
Tranche right deemed dividend	(1,667)		—		(1,667)		$	—
Net loss attributable to common stockholders	$	(140,822)	$	(27,475)	$	(190,752)	$	(83,005)
Denominator:
Weighted average shares of common stock outstanding - basic and diluted	160,977		140,490		157,622		140,102


Net loss per share attributable to common stockholders:
Net loss per share from continuing operations - basic and diluted	$	(0.85)	$	(0.10)	$	(1.11)	$	(0.25)
Net loss per share from discontinued operations, net of tax - basic and diluted	(0.02)		(0.10)		(0.10)		(0.34)
Net loss per share - basic and diluted	$	(0.87)	$	(0.20)	$	(1.21)	$	(0.59)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share

The outstanding securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share, as the impact would be antidilutive, are as follows (in thousands):


	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Redeemable preferred stock (on as converted basis)	30,778	—	30,778	—


Public Warrants	14,675	14,675	14,675	14,675
Private Warrants	9,950	9,950	9,950	9,950
EDGE Warrants	—	687	—	687
Options	8,054	17,918	8,054	17,918
RSUs	6,836	1,267	6,836	1,267
Total	70,293	44,497	70,293	44,497

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

In 2024, we determined that the assets for our European businesses and our Coweta County, Georgia, business met the criteria for classification as held for sale. Additionally, we concluded that the ultimate disposal will represent a strategic shift that will have a major effect on the Company’s operations and financial results. As of September 30, 2025, the remaining assets continue to meet the criteria for classification as held for sale. Therefore, the historical results of these businesses are classified as discontinued operations for all periods presented herein.

On February 15, 2025, we completed the sale of our land in Coweta County, Georgia, for $50.0 million. Concurrently with the sale, we repaid a government grant of $20.0 million. As of September 30, 2025, $7.0 million of repayable government grants for the project are classified within current liabilities of discontinued operations on our condensed consolidated balance sheet.

Details of net loss from discontinued operations, net of taxes, are as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Costs and expenses
General and administrative	$	367	$	1,118	$	8,771	$	15,301
Research and development	—		8,616		—		30,854
Restructuring charge	—		4,507		1,092		4,644
Share of net loss of equity method investee	1		150		426		484
Total costs and expenses	368		14,391		10,289		51,283
Loss from discontinued operations	(368)		(14,391)		(10,289)		(51,283)
Gain on disposal of property and equipment	—		—		5,675		—
Change in held for sale valuation allowance	(2,585)		—		(3,793)		—
Other income (loss), net	(13)		1,014		(5,206)		3,707
Loss from discontinued operations before income taxes	(2,966)		(13,377)		(13,613)		(47,576)
Income tax expense	—		—		(1,518)		—
Net loss from discontinued operations, net of tax	$	(2,966)	$	(13,377)	$	(15,131)	$	(47,576)

Allocated general corporate overhead costs do not meet the criteria to be presented within net income (loss) from discontinued operations, net of tax, and were excluded from all figures presented in the table above.

Details of the assets and liabilities of discontinued operations classified as held for sale in the condensed consolidated balance sheets are as follows (in thousands):



	September 30, 2025		December 31, 2024

Other current assets	$	768	$	8,926
Property and equipment, net	46,787		52,765
Intangible assets, net	161		1,625
Investments	—		515
Right-of-use asset under operating leases	3,858		1,078
Current assets of discontinued operations	$	51,574	$	64,909

Accounts payable	$	3,507	$	2,566
Accrued liabilities and other	14,021		5,764
Operating lease liability	15,713		15,136
Deferred revenue	174		—
Other current liabilities	7,000		27,543
Current liabilities of discontinued operations	$	40,415	$	51,009

The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. Cash flow and non-cash information for the discontinued operations are as follows (in thousands):


	Nine months ended September 30,
	2025		2024
Depreciation	$	—	$	6,915
Amortization	—		113
Capital expenditures	2,674		34,683
Proceeds from the return of property and equipment deposits	1,202		22,735
Write-down of held for sale assets	(3,793)		—
Accrued purchases of property and equipment and intangible assets	—		6,133

INCOME TAXES (Details)	9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	11.00%	0.00%

DISCONTINUED OPERATIONS - Details of Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Share of net loss of equity method investee			$ 425	$ 484
Operating loss from continuing operations	$ (94,723)	$ (17,397)	(147,545)	(46,085)
Other income (loss), net	(377)	1,066	(1,712)	4,788
Net loss from discontinued operations, net of tax	(2,966)	(13,377)	(15,131)	(47,576)
Discontinued operations, held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
General and administrative	367	1,118	8,771	15,301
Research and development	0	8,616	0	30,854
Restructuring charge	0	4,507	1,092	4,644
Share of net loss of equity method investee	1	150	426	484
Total costs and expenses	368	14,391	10,289	51,283
Operating loss from continuing operations	(368)	(14,391)	(10,289)	(51,283)
Gain on disposal of property and equipment	0	0	5,675	0
Change in held for sale valuation allowance	(2,585)	0	(3,793)	0
Other income (loss), net	(13)	1,014	(5,206)	3,707
Loss from discontinued operations before income taxes	(2,966)	(13,377)	(13,613)	(47,576)
Income tax expense	0	0	(1,518)	0
Net loss from discontinued operations, net of tax	$ (2,966)	$ (13,377)	$ (15,131)	$ (47,576)

REDEEMABLE PREFERRED STOCK, ANTI-DILUTION RIGHTS, AND SHARE PURCHASE AGREEMENT	9 Months Ended
	Sep. 30, 2025
Equity [Abstract]
REDEEMABLE PREFERRED STOCK, ANTI-DILUTION RIGHTS, AND SHARE PURCHASE AGREEMENT	REDEEMABLE PREFERRED STOCK, ANTI-DILUTION RIGHTS, AND SHARE PURCHASE AGREEMENT Redeemable Preferred Stock As of September 30, 2025, 5.0 million shares of non-voting Convertible Series A Preferred Stock (“Series A Preferred Stock”) were issued and outstanding. Each share of Series A Preferred Stock had a stated value of $10.00, for an aggregate value of $50.0 million. The Series A Preferred Stock was issued to certain funds and accounts managed by Encompass Capital Advisors LLC (“Encompass”), a related party, and had a term of 3 years from December 23, 2024. If not converted by the holder into the Company’s common stock, we were required to redeem the Series A Preferred Stock at maturity at par value plus any accrued and unpaid dividends. The Series A Preferred Stock ranked senior to the Common Stock but junior to all debt obligations of the Company and had a liquidation preference equal to $10.00 per share of Series A Preferred Stock plus accrued but unpaid dividends. The Series A Preferred Stock carried 6% cash dividends, accruing on the funding of the first tranche and payable in arrears (i) on the dividend date 18 months after the first tranche funding and (ii) every six months after such dividend payment date. For the nine months ended September 30, 2025, we recognized $2.3 million of accumulated and unpaid dividends. At our sole discretion upon proceeding to a final investment decision on a solar cell manufacturing facility, we initially had the right to issue an additional second tranche of 5.0 million shares of Series A Preferred Stock to the holders in exchange for $50.0 million (“Tranche Right”). The Series A Preferred Stock had a conversion price of $2.50 per share of Common Stock, however if we elected not to utilize the Tranche Right on the date that the Company proceeded with its final investment decision with respect to a solar cell manufacturing facility, the conversion price would be reduced to $1.79 per share of Common Stock. The conversion rights were held by the holder of the Series A Preferred Stock. On August 14, 2025, we signed an amendment to the Preferred Stock Purchase Agreement between T1 and Encompass, pursuant to which Encompass agreed, among other things, to provide the $50.0 million of financing to purchase 5.0 million shares of non-voting Series A Preferred Stock of the Company for purposes other than construction of the G2 facility with issuance of such Series A Preferred Stock to occur 10 days after the Company provides notice of its decision to exercise the second tranche. The conversion price for the first tranche was $1.70 per share of common stock, while the conversion price for the second tranche would have been $1.90 per share if the 10-day average trading price of our common stock before the conversion date is $2.50 or higher, and $1.70 per share if the 10-day average trading price is below $2.50. The amendment to the Preferred Stock Purchase Agreement was treated as an extinguishment of the original instrument. In the third quarter of 2025 the Company derecognized the carrying value of the Series A Preferred Stock of $50.6 million in equity and recognized a new Series A Preferred Stock instrument of $58.4 million with the difference of $7.8 million recorded as a deemed dividend through a reduction to additional paid-in capital. The fair value of the new Series A Preferred Stock was estimated using a bond plus call approach, considering the amended conversion price of $1.70 per share, the Company's volatility as well as the Company's credit risks associated with the bond component. Dividends will continue to be accrued on the Series A Preferred Stock in accordance with the Preferred Stock Purchase Agreement. Additionally, the Tranche Right was revalued immediately before and immediately after amendment with the difference in fair value of $1.7 million recorded as a deemed dividend through a reduction to additional paid-in capital. The fair value of the Tranche Right was estimated using a Monte Carlo simulation within a risk-neutral framework, considering the draw right, the penalty if not drawn, and the terms if drawn. On October 31, 2025, the Company entered into an Amended and Restated Stock Purchase Agreement (the “Encompass Stock Purchase Agreement”) with Encompass. Pursuant to the terms and subject to the conditions of the Encompass Stock Purchase Agreement, in partial consideration for the redemption and cancellation of all then-issued and outstanding shares of the Series A Preferred Stock, Encompass purchased (i) 21.5 million shares of Common Stock and (ii) 1.6 million shares of the Company’s Series B Convertible Non-Voting Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”). The Encompass Stock Purchase Agreement amends and restates the Preferred Stock Purchase Agreement by and between the Company and the purchasers thereto, dated as of November 6, 2024, as amended on March 21, 2025, April 29, 2025 and August 13, 2025. In addition, under the Encompass Stock Purchase Agreement, Encompass purchased 5.0 million shares of the Company’s Series B-1 Convertible Non-Voting Preferred Stock, par value $0.01 per share (the “Series B-1 Preferred Stock”), at a price of $10.00 per share of Series B-1 Preferred Stock, for aggregate gross proceeds to the Company of $50.0 million. The Encompass Stock Purchase Agreement contains customary representations and warranties and agreements of the Company and Encompass and customary indemnification rights and obligations of the parties. The closing of the transactions occurred on October 31, 2025. Anti-dilution Rights In connection with the Trina Business Combination, we provided Trina Solar (Schweiz) AG the right (“Anti-dilution Right”), but not the obligation, to acquire a number of shares of our common stock so that Trina Solar (Schweiz) AG’s proportionate ownership of our common stock after the conversion of the Preferred Stock will be the same as before the conversion at a price equal to $1.70 per share of our common stock or otherwise equal to the price for the conversion of Preferred Stock. We determined that the Anti-dilution Right was a freestanding financial instrument and classified it as an other long term liability on our condensed consolidated balance sheets, initially recorded at fair value. The Anti-dilution Right is subsequently revalued until anti-dilution shares are issued or when the Anti-dilution Right expires on December 23, 2027, with changes in fair value for each reporting period recognized in derivative liabilities fair value adjustment. In addition, under the Trina Business Combination, we provided Trina Solar (Schweiz) AG the right (the “Capital Raising Anti-Dilution Right”), but not the obligation, to acquire a number of shares of our common stock so that Trina Solar (Schweiz) AG’s proportionate ownership of voting securities will be the same as before new voting securities are issued following a Capital Raising Transaction (as defined in the agreement). The Capital Raising Anti-Dilution Right is exercisable no later than fifteen business days following written notice from the Company, after which the Company has certain rights to sell the voting securities not elected to be purchased by Trina Solar (Schweiz) AG. In connection with the issuance of the Common Stock on October 31, 2025 to Encompass pursuant to the Encompass Stock Purchase Agreement, the Company provided notice of the Anti-dilution Right to Trina Solar (Schweiz) AG as provided for under the Transaction Agreement. Further, in connection with the issuance of Common Stock on October 24, 2025 to the Purchasers pursuant to the Securities Purchase Agreement, the Company provided notice of the Capital Raising Anti-Dilution Right as provided for under the Cooperation Agreement. If Trina Solar (Schweiz) AG exercises its anti-dilution rights under both transactions, its shareholding will be approximately 17% of the Company's shares outstanding, based on the number of shares outstanding as of November 7, 2025. Share Purchase Agreement Termination and Issuance of Penny Warrants On November 6, 2024, the Company and an investor who is a significant shareholder of Trina Solar, entered into a share purchase agreement (“Share Purchase Agreement”) pursuant to which the investor subscribed to purchase a total of $14.8 million of common stock for $1.05 per share. On September 10, 2025, the Company and the investor entered into a termination letter agreement (“Termination Letter”) pursuant to which the Share Purchase Agreement was terminated in exchange for $5.0 million and the issuance of 7.0 million penny warrants (the “Penny Warrants”). The consideration payment of $5.0 million is due no later than 90 days following the date of the Termination Letter and is recorded as accounts payable and accrued liabilities to related parties on our condensed consolidated balance sheet. Each Penny Warrant entitles the investor to one share of our common stock at a purchase price of $0.01 per share (the “Warrant Price”). The warrants fully vest and become exercisable on March 10, 2026, in whole or in part, and expire on September 10, 2030. The Penny Warrants may be exercised in cash or in a cashless exercise that requires the investor to surrender a number of Penny Warrants that have a fair market value equal to the aggregate of the Warrant Price. We determined that the Penny Warrants are equity classified as they are indexed to our common stock and qualify for classification within stockholders’ equity. As such, the Penny Warrants are presented as part of additional paid-in capital on the condensed consolidated balance sheets. The Penny Warrants were valued as an equity forward based on the Company’s closing stock price immediately prior to the date of the Termination Letter. Upon termination of the Share Purchase Agreement the Company recognized a loss of $5.8 million on settlement of derivatives for the three and nine months ended September 30, 2025, on the condensed consolidated statements of operations and comprehensive loss. The loss was primarily due to the excess of the consideration payment above the recorded fair value of the Share Purchase Agreement. The Share Purchase Agreement derivative liabilities fair value adjustment recorded on the condensed consolidated statements of operations and comprehensive loss for the three months ended September 30, 2025 was a loss of $11.9 million, and for the nine months ended September 30, 2025, a gain of $2.2 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in conformity with the accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information required by U.S. GAAP for complete consolidated financial statements. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements for the year ended December 31, 2024 and, in management’s opinion, include all adjustments, consisting of only normal recurring adjustments necessary for the fair statement of the Company’s condensed consolidated financial statements for the periods presented. The results of operations for the nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the full year ending December 31, 2025. The condensed consolidated balance sheet as of December 31, 2024, was derived from the audited consolidated financial statements as of December 31, 2024. However, these condensed consolidated interim financial statements do not contain all of the footnote disclosures required in annual consolidated financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025. The condensed consolidated financial statements include the accounts of T1 and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period balances and amounts have been reclassified to conform with the current period’s presentation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates and assumptions include, but are not limited to, estimates related to the fair value less costs to sell for assets held for sale, impairment of long-lived assets, derivative liabilities, the valuation of warrant liabilities, anti-dilution rights and share-based compensation. We base these estimates on historical experiences and on various other assumptions that we believe are reasonable under the circumstances, however, actual results may differ materially from these estimates.
Supplier and Production Concentration Risk	Supplier Concentration Risk Several of our key raw materials, components, and manufacturing equipment are sourced from highly specialized suppliers. The failure of any key supplier to perform could disrupt our supply chain and impair our ability to deliver solar modules to customers in the required quality, quantities, and pricing, which could adversely affect our results of operations. Production Concentration Risk Our solar modules are currently produced at a single facility in the United States. Shortages of essential components or equipment due to increased demand, supply interruptions, or limited logistics availability could adversely affect our ability to meet customer demand. Damage to, or disruption of, this facility could interrupt operations and negatively impact our ability to generate net sales.
Restricted Cash	Restricted Cash Certain cash balances are restricted as to withdrawal or use. Restricted cash includes funds held in restricted accounts for debt service, customs, certain contractual terms contained within rental agreements, and certain foreign government income tax withholding requirements.
Government grants receivable, net	Government grants receivable, net The Inflation Reduction Act of 2022 (“IRA”) was signed into law in August 2022. Among other things, the IRA offers a tax credit, pursuant to Section 45X of the Internal Revenue Code (“IRC”), for solar modules and solar module components manufactured in the United States and sold to third parties. Such credit may be refundable by the IRS or transferable to a third party and is available from 2023 to 2032, subject to phase down beginning in 2030. We expect to qualify for a credit of approximately 7 cents per watt for each PV module we produce and sell to a third party. We recognize such credit as a reduction to cost of sales in the period the PV modules are sold to customers, and such credit is also reflected on our condensed consolidated balance sheets within government grants receivable, net.
Leases	Leases Our operating leases primarily consist of our solar module facility in Wilmer, Texas and our G2_Austin solar cell manufacturing facility in Rockdale, Texas that we plan to develop. We also have short-term leases for which we elected to apply the short-term lease exemption to leases with a term of twelve months or less, and accordingly, have not recognized a right-of-use asset or lease liability. We have no other leases that are presented as continuing operations.
Deferred Revenue	Deferred Revenue During the nine months ended September 30, 2025, we recognized revenue related to deliveries of PV solar modules of $40.2 million that was included in deferred revenue at the beginning of the period.
Future Adoption of New Accounting Pronouncements	Future Adoption of New Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. This standard only modifies disclosure requirements; as such, we do not expect the adoption of this standard to result in a material impact on our condensed consolidated statements of operations and comprehensive loss, balance sheet or cash flows. We are currently evaluating the effect of the adoption of this standard on our disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the ASU can be applied prospectively or retrospectively. We are currently evaluating the effect of the adoption of this standard on our income tax disclosures related to our annual report for fiscal year 2025. In July 2025, Accounting Standards Update 2025-05 (“ASU 2025-05”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, was issued to address challenges encountered when applying the guidance in Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This standard introduces a practical expedient for entities that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This standard is effective for annual periods, including interim reporting periods within annual reporting periods, beginning after December 15, 2025 with early adoption permitted. The Company is currently evaluating the impact of electing the practical expedient and the impact it may have on its consolidated financial statements and disclosures. We do not expect to incur material credit losses when assessing the collectability of receivable balances, and therefore, we do not expect the adoption of this standard to result in a material impact on our condensed consolidated statements of operations and comprehensive loss, balance sheet or cash flows.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2024	$ 74,527
Measurement period adjustments	(13,604)
Balance as of September 30, 2025	$ 60,923

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash Flow Activity

Cash flow activity consisted of the following (in thousands):


	Nine months ended September 30,
	2025		2024
Cash payments included in operating activities:
Interest paid	$	12,240	$	—
Income taxes paid, net of refunds	—		—
Noncash investing and financing activities:
Accrued purchases of property and equipment	$	34,322	$	6,133
Issuance of penny warrants	13,510		—
Issuance of shares of common stock for debt conversion	33,139		—
Deemed dividend related to amendment to Preferred Stock	7,777		—
Deemed dividend related to amendment of Tranche Right	1,667		—

DISCONTINUED OPERATIONS - Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation	$ 13,500	$ 200	$ 31,900	$ 500
Proceeds from the return of property and equipment deposits			1,202	22,735
Write-down of held for sale assets			(3,793)	0
Discontinued operations, held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation			0	6,915
Amortization			0	113
Capital expenditures			2,674	34,683
Proceeds from the return of property and equipment deposits			1,202	22,735
Write-down of held for sale assets			(3,793)	0
Accrued purchases of property and equipment and intangible assets			$ 0	$ 6,133

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt principal	$ 622,298	$ 685,000
Less: unamortized discount	(74,972)	(82,723)
Total debt	547,326	602,277
Less: current portion	120,096	94,367
Noncurrent portion	427,230	507,910
Related party
Debt Instrument [Line Items]
Less: current portion	74,000	51,500
Senior notes \| Trina Solar AG Note
Debt Instrument [Line Items]
Total debt principal	150,000	150,000
Loans payable \| Trina Solar (U.S.), Inc. Production Reserve Fee
Debt Instrument [Line Items]
Total debt principal	220,000	220,000
Line of credit \| Senior Secured Credit Facility \| Secured debt
Debt Instrument [Line Items]
Total debt principal	205,206	235,000
Convertible debt \| Convertible note - related party \| Related party
Debt Instrument [Line Items]
Total debt principal	$ 47,092	$ 80,000

ACCRUED LIABILITIES AND OTHER (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other

Accrued liabilities and other consisted of the following (in thousands):


	September 30, 2025		December 31, 2024

Accrued purchases	$	12,317	$	65,146
Accrued payroll and payroll related expenses	3,753		12,378
Operating lease liabilities	13,028		9,314
Other current liabilities	2,047		4,508
Total	$	31,145	$	91,346

SEGMENTS

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENTS

Our chief operating decision maker (“CODM”), the Chief Executive Officer and Chairman of the Board, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net loss to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes functional expenses (cost of sales and general and administrative) at the consolidated level to manage the Company’s operations. The CODM uses these metrics to evaluate future acquisitions of complementary businesses and divestitures of non-core assets.

Our single operating segment derives its revenues from the manufacturing and subsequent sale of PV solar modules in the United States for our U.S. customers.

The measure of segment assets is reported on the Condensed Consolidated Balance Sheet as Total Assets. We do not have intra-entity transactions. Segment results are as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Total net sales	$	210,522	$	—	$	396,741	$	—
Less:
Cost of sales	189,374		—		325,051		—
Selling, general and administrative	62,663		17,397		166,027		46,085
Interest expense (income)	9,395		(1,074)		27,293		(3,627)
Other segment items (1)	88,766		(2,144)		62,521		(6,638)
Income tax (benefit) expense	(12,083)		—		(20,575)		11
Net loss from continuing operations	$	(127,593)	$	(14,179)	$	(163,576)	$	(35,831)

Within our single segment for the three and nine months ended September 30, 2025 total expenditures for additions to long-lived assets were $6.4 million and $36.5 million, respectively. There were no capital expenditures for continuing operations for three and nine months ended September 30, 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

REDEEMABLE PREFERRED STOCK, ANTI-DILUTION RIGHTS, AND SHARE PURCHASE AGREEMENT (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended		9 Months Ended
	Oct. 31, 2025	Sep. 10, 2025	Aug. 14, 2025	Dec. 23, 2024	Nov. 06, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Nov. 07, 2025	Sep. 09, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Preferred shares outstanding (in shares)						5,000,000		5,000,000				5,000,000
Preferred shares par value (in USD per share)						$ 0.01		$ 0.01				$ 0.01
Preferred stock dividends and accretion								$ 2,300
Conversion price, common stock, reduced price (in USD per share)						$ 1.70		$ 1.79
Warrant outstanding (in shares)						24,600,000		24,600,000				24,600,000
Warrant, number of shares called by each warrant (in shares)						1		1
Warrant, exercise price (in USD per share)						$ 11.50		$ 11.50
Loss on settlement of warrant liability						$ 5,836	$ 0	$ 5,836	$ 0
Warrant liability fair value adjustment								(2,868)	$ (1,294)
Penny Warrants
Class of Stock [Line Items]
Warrant purchase agreement, amount to be paid to terminate agreement		$ 5,000
Warrant outstanding (in shares)		7,000,000.0
Warrant, number of shares called by each warrant (in shares)		1
Warrant, exercise price (in USD per share)		$ 0.01
Loss on settlement of warrant liability								5,800
Warrant liability fair value adjustment						11,900		$ (2,200)
Subsequent event \| Encompass Stock Purchase Agreement
Class of Stock [Line Items]
Aggregate gross proceeds	$ 50,000
Accumulated Deficit
Class of Stock [Line Items]
Recorded retained earnings						$ 1,700
Trina Solar (Schweiz) AG \| Subsequent event \| Anti-Dilution Right
Class of Stock [Line Items]
Aggregate number of outstanding shares percentage										17.00%
Series A Preferred Stock
Class of Stock [Line Items]
Preferred shares outstanding (in shares)						5,000,000.0		5,000,000.0
Preferred shares par value (in USD per share)						$ 10.00		$ 10.00
Preferred stock, value issued						$ 50,000		$ 50,000
Preferred stock redemption period				3 years
Preferred stock, liquidation preference (in USD per share)						$ 10.00		$ 10.00
Preferred stock, dividend rate, percentage								6.00%
Period after dividend date after the first tranche funding								18 months
Period after dividend date thereafter								6 months
Convertible preferred stock, shares reserved for future issuance (in shares)			5,000,000.0			5,000,000.0		5,000,000.0
Convertible preferred stock, shares reserved for future issuance amount			$ 50,000			$ 50,000		$ 50,000
Preferred stock, convertible, conversion price (in USD per share)						$ 2.50		$ 2.50
Conversion price, first tranche (in USD per share)			$ 1.70
Average trading price ten day (in USD per share)			2.50
Derecogniation of preferred shares						$ 50,600
Recogniation of preferred shares						$ 58,400
Preferred stock, redemption price (in USD per share)						$ 1.70		$ 1.70				$ 2.50
Series A Preferred Stock \| Accumulated Deficit
Class of Stock [Line Items]
Recorded retained earnings						$ 7,800
Series A Preferred Stock \| Maximum
Class of Stock [Line Items]
Conversion price, second tranche (in USD per share)			1.90
Series A Preferred Stock \| Minimum
Class of Stock [Line Items]
Conversion price, second tranche (in USD per share)			$ 1.70
Series A Preferred Stock \| Encompass Capital Advisors LLC
Class of Stock [Line Items]
Number of business days counterparty has to provide funding			10 days
Common Stock \| Private placement
Class of Stock [Line Items]
Sale of stock, price per share (in USD per share)					$ 1.05						$ 1.05
Issuance of ordinary shares, net of transaction costs					$ 14,800
Common Stock \| Subsequent event \| Encompass Stock Purchase Agreement
Class of Stock [Line Items]
Purchase of shares (in shares)	21,500,000
Series B Convertible Non-Voting Preferred Stock \| Subsequent event \| Encompass Stock Purchase Agreement
Class of Stock [Line Items]
Preferred shares par value (in USD per share)	$ 0.01
Purchase of shares (in shares)	1,600,000
Series B-1 Convertible Non-Voting Preferred Stock \| Subsequent event \| Encompass Stock Purchase Agreement
Class of Stock [Line Items]
Preferred shares par value (in USD per share)	$ 0.01
Purchase of shares (in shares)	5,000,000.0
Sale of stock, price per share (in USD per share)	$ 10.00

ACCRUED LIABILITIES AND OTHER

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other consisted of the following (in thousands):


	September 30, 2025		December 31, 2024

Accrued purchases	$	12,317	$	65,146
Accrued payroll and payroll related expenses	3,753		12,378
Operating lease liabilities	13,028		9,314
Other current liabilities	2,047		4,508
Total	$	31,145	$	91,346

STOCKHOLDERS' EQUITY (Details) shares in Thousands	1 Months Ended	9 Months Ended
STOCKHOLDERS' EQUITY (Details) shares in Thousands	Jun. 30, 2021	Sep. 30, 2025 vote $ / shares shares	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)		355,000
Common stock, par value (in USD per share) \| $ / shares		$ 0.01	$ 0.01
Common stock, shares issued (in shares)		168,626	155,928
Common stock, shares outstanding (in shares)		168,626	155,928
Votes per share (in votes per share) \| vote		1
Options granted during the period (in shares)		400
Options forfeited during the period (in shares)		3,800
Options exercised during the period (in shares)		700
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)		34,900
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs granted during the period (in shares)		6,800
RSUs forfeited during the period (in shares)		200
RSUs vested during the period (in shares)		1,300
RSUs \| Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Option \| Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Maximum contractual term	5 years

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	70,293	44,497	70,293	44,497
Redeemable preferred stock (on as converted basis)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	30,778	0	30,778	0
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	14,675	14,675	14,675	14,675
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,950	9,950	9,950	9,950
EDGE Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	687	0	687
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	8,054	17,918	8,054	17,918
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	6,836	1,267	6,836	1,267

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation	$ 13.5	$ 0.2	$ 31.9	$ 0.5

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, we may be subject to legal and regulatory actions that arise in the ordinary course of business. The assessment as to whether a loss is probable or reasonably possible, and if such loss or a range of losses is estimable, often involves significant judgment, including estimates and assumptions about future events. To the knowledge of our management, as of September 30, 2025 there is no material litigation, claims, or actions currently pending against us, any of our officers, or directors in their capacity as such, or against any of our property. On June 5, 2025 and July 31, 2025 we received notices from U.S. Customs and Border Protection ( “CBP”) relating to potential customs duties on goods imported in 2024 by one of the entities we acquired in the Trina Business Combination (the “Notices”). CBP has not quantified the duties it alleges are owed, and therefore, it is not reasonably possible to estimate the ultimate amount of penalties that may be imposed. We continue to assess the Notices, but expect to contest them vigorously. We believe, taking into consideration our indemnities and defenses the ultimate resolution of these matters will not have a material impact on our financial position, results of operations or cash flows. However, the ultimate outcome of these matters cannot be determined at this time, and we cannot guarantee that we will be successful in contesting the Notices, or that we will not need to accrue or pay additional amounts in the future.

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Leasehold improvements	$ 193,659	$ 0
Machinery and equipment	114,579	0
Office equipment	8,048	2,634
Construction in progress	6,939	284,136
Property and equipment	323,225	286,770
Less: Accumulated depreciation	(33,464)	(1,583)
Property and equipment, net	$ 289,761	$ 285,187

DEBT - Schedule of Debt Borrowing Rates (Details)	Sep. 30, 2025	Dec. 23, 2024
Trina Solar AG Note \| Senior notes
Debt Instrument [Line Items]
Interest Rate	1.00%
Effective Interest Rate	6.00%
Trina Solar (U.S.), Inc. Production Reserve \| Loans payable
Debt Instrument [Line Items]
Interest Rate	0.00%
Effective Interest Rate	4.90%
Senior Secured Credit Facility \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Effective Interest Rate	7.50%
Convertible note - related party \| Convertible debt \| Related party
Debt Instrument [Line Items]
Interest Rate	13.00%	7.00%
Effective Interest Rate	13.00%

SEGMENTS - Schedule of Segment Assets is Reported on the Condensed Consolidated Balance Sheet as Total Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total net sales	$ 210,522	$ 0	$ 396,741	$ 0
Less:
Cost of sales	189,374	0	325,051	0
Selling, general and administrative	62,663	17,397	166,027	46,085
Interest (expense) income, net	9,395	(1,074)	27,293	(3,627)
Income tax (benefit) expense	(12,083)	0	(20,575)	11
Net loss from continuing operations	(127,593)	(14,179)	(163,576)	(35,831)
Reportable Segment
Segment Reporting Information [Line Items]
Total net sales	210,522	0	396,741	0
Less:
Cost of sales	189,374	0	325,051	0
Selling, general and administrative	62,663	17,397	166,027	46,085
Interest (expense) income, net	9,395	(1,074)	27,293	(3,627)
Other segment items	88,766	(2,144)	62,521	(6,638)
Income tax (benefit) expense	(12,083)	0	(20,575)	11
Net loss from continuing operations	$ (127,593)	$ (14,179)	$ (163,576)	$ (35,831)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 112,321	$ 253,409
Spare parts	680	0
Finished goods - PV solar modules	138,957	21,140
Total	$ 251,958	$ 274,549

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 11,443
2026	45,400
2027	45,400
2028	45,400
2029	44,281
Thereafter	0
Intangible assets, net	$ 191,924	$ 281,881

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 10, 2025	Sep. 30, 2025	Sep. 09, 2025	Dec. 31, 2024	Nov. 06, 2024
Series A Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock, redemption price (in USD per share)		$ 1.70		$ 2.50
Common Stock \| Private placement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Shares, exercise price (in USD per share)			$ 1.05		$ 1.05
Measurement input, share price \| Common Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Shares, measurement input (in USD per share)			1.94	2.58
Private Warrants \| Measurement input, share price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input (in USD per share)		2.18		2.58
Private Warrants \| Measurement input, exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input (in USD per share)		11.50		2.58
Penny Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant purchase agreement, amount to be paid to terminate agreement	$ 5.0

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions	Feb. 15, 2025	Sep. 30, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayment of government grant	$ 20.0
Government grant payable		$ 7.0
Government Assistance, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Current liabilities of discontinued operations
Discontinued Operations, Disposed of by Sale \| Coweta County, Georgia, Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of discontinued operation	$ 50.0

DEBT - Narrative (Details) $ in Thousands, shares in Millions			9 Months Ended
	Sep. 05, 2025 shares	Dec. 23, 2024 USD ($) shares	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total debt principal			$ 622,298	$ 685,000
Trina Solar AG Note \| Senior notes
Debt Instrument [Line Items]
Debt instrument, future periodic payment			7,500
Debt instrument, balloon payment to be paid			$ 30,000
Interest Rate			1.00%
Total debt principal			$ 150,000	150,000
Trina Solar (U.S.), Inc. Production Reserve Fee \| Loans payable
Debt Instrument [Line Items]
Debt instrument, future periodic payment			$ 44,000
Interest Rate			0.00%
Debt instrument, interest rate, increase (decrease)			6.00%
Total debt principal			$ 220,000	220,000
Senior Secured Credit Facility \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Maximum borrowing capacity			235,000
Total debt principal			$ 205,206	235,000
Senior Secured Credit Facility \| Line of credit \| Secured debt \| Base rate
Debt Instrument [Line Items]
Basis spread on variable rate			3.50%
Senior Secured Credit Facility \| Line of credit \| Secured debt \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
Convertible note - related party \| Convertible debt
Debt Instrument [Line Items]
Debt instrument, interest rate, increase (decrease)		3.00%
Unsecured convertible note		$ 80,000
Debt instrument, term		5 years
Debt instrument, interest rate terms		60 days
Convertible note - related party \| Convertible debt \| Related party
Debt Instrument [Line Items]
Interest Rate		7.00%	13.00%
Total debt principal			$ 47,092	$ 80,000
Convertible note - related party \| Convertible debt \| Stage one
Debt Instrument [Line Items]
Number of equity instruments (in shares) \| shares		12.5
Shares issued for debt conversion (in shares) \| shares	12.5
Convertible note - related party \| Convertible debt \| Stage two
Debt Instrument [Line Items]
Number of equity instruments (in shares) \| shares		17.9

NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The computation of basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except per share data):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Numerator:
Net loss from continuing operations	$	(127,593)	$	(14,179)	$	(163,576)	$	(35,831)
Net loss from discontinued operations, net of tax	(2,966)		(13,377)		(15,131)		(47,576)
Net loss	(130,559)		(27,556)		(178,707)		(83,407)
Net loss attributable to non-controlling interests	—		81		—		402
Preferred stock dividends and accretion	(819)		—		(2,601)		—
Preferred stock deemed dividend	(7,777)		—		(7,777)		$	—
Tranche right deemed dividend	(1,667)		—		(1,667)		$	—
Net loss attributable to common stockholders	$	(140,822)	$	(27,475)	$	(190,752)	$	(83,005)
Denominator:
Weighted average shares of common stock outstanding - basic and diluted	160,977		140,490		157,622		140,102


Net loss per share attributable to common stockholders:
Net loss per share from continuing operations - basic and diluted	$	(0.85)	$	(0.10)	$	(1.11)	$	(0.25)
Net loss per share from discontinued operations, net of tax - basic and diluted	(0.02)		(0.10)		(0.10)		(0.34)
Net loss per share - basic and diluted	$	(0.87)	$	(0.20)	$	(1.21)	$	(0.59)


	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Redeemable preferred stock (on as converted basis)	30,778	—	30,778	—


Public Warrants	14,675	14,675	14,675	14,675
Private Warrants	9,950	9,950	9,950	9,950
EDGE Warrants	—	687	—	687
Options	8,054	17,918	8,054	17,918
RSUs	6,836	1,267	6,836	1,267
Total	70,293	44,497	70,293	44,497

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Convertible note - related party Convertible debt	Common Stock	Common Stock Convertible note - related party Convertible debt	Additional Paid-in Capital	Additional Paid-in Capital Convertible note - related party Convertible debt	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-controlling interests
Shares outstanding, beginning balance (in shares) at Dec. 31, 2023			139,705
Equity, beginning balance at Dec. 31, 2023	$ 634,716		$ 1,397		$ 925,623		$ (18,826)	$ (274,999)	$ 1,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	3,670				3,670
Net loss	(28,690)							(28,543)	(147)
Reclassification of warrants from liability classified to equity classified	10				10
Other comprehensive (loss) income	(26,044)						(26,044)
Shares outstanding, ending balance (in shares) at Mar. 31, 2024			139,705
Equity, ending balance at Mar. 31, 2024	583,662		$ 1,397		929,303		(44,870)	(303,542)	1,374
Shares outstanding, beginning balance (in shares) at Dec. 31, 2023			139,705
Equity, beginning balance at Dec. 31, 2023	634,716		$ 1,397		925,623		(18,826)	(274,999)	1,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(83,407)
Shares outstanding, ending balance (in shares) at Sep. 30, 2024			140,490
Equity, ending balance at Sep. 30, 2024	538,690		$ 1,405		929,324		(34,035)	(358,004)	0
Shares outstanding, beginning balance (in shares) at Mar. 31, 2024			139,705
Equity, beginning balance at Mar. 31, 2024	583,662		$ 1,397		929,303		(44,870)	(303,542)	1,374
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	1,486				1,486
Net loss	(27,161)							(26,987)	(174)
Shares issued for debt conversion (in shares)			785
Exercise of warrants	0		$ 8		(8)
Other comprehensive (loss) income	4,862						4,862
Shares outstanding, ending balance (in shares) at Jun. 30, 2024			140,490
Equity, ending balance at Jun. 30, 2024	562,849		$ 1,405		930,781		(40,008)	(330,529)	1,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	1,554				1,554
Net loss	(27,556)							(27,475)	(81)
Other comprehensive (loss) income	5,973						5,973
Acquisition of non-controlling interest	(4,130)				(3,011)				(1,119)
Shares outstanding, ending balance (in shares) at Sep. 30, 2024			140,490
Equity, ending balance at Sep. 30, 2024	$ 538,690		$ 1,405		929,324		(34,035)	(358,004)	0
Shares outstanding, beginning balance (in shares) at Dec. 31, 2024	155,928		155,928
Equity, beginning balance at Dec. 31, 2024	$ 188,762		$ 1,559		971,416		(58,975)	(725,238)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	4,242				4,242
Net loss	(16,239)							(16,239)
Exercise of stock options (in shares)			10
Preferred stock dividends and accretion	(891)				(891)
Other comprehensive (loss) income	26,065						26,065
Shares outstanding, ending balance (in shares) at Mar. 31, 2025			155,938
Equity, ending balance at Mar. 31, 2025	$ 201,939		$ 1,559		974,767		(32,910)	(741,477)	0
Shares outstanding, beginning balance (in shares) at Dec. 31, 2024	155,928		155,928
Equity, beginning balance at Dec. 31, 2024	$ 188,762		$ 1,559		971,416		(58,975)	(725,238)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (178,707)
Exercise of stock options (in shares)	700
Shares outstanding, ending balance (in shares) at Sep. 30, 2025	168,626		168,626
Equity, ending balance at Sep. 30, 2025	$ 96,905		$ 1,686		1,014,970		(15,806)	(903,945)	0
Shares outstanding, beginning balance (in shares) at Mar. 31, 2025			155,938
Equity, beginning balance at Mar. 31, 2025	201,939		$ 1,559		974,767		(32,910)	(741,477)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	1,285				1,285
Net loss	(31,909)							(31,909)
Preferred stock dividends and accretion	(891)				(891)
Other comprehensive (loss) income	13,482						13,482
Shares outstanding, ending balance (in shares) at Jun. 30, 2025			155,938
Equity, ending balance at Jun. 30, 2025	183,906		$ 1,559		975,161		(19,428)	(773,386)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	1,883				1,883
Net loss	(130,559)							(130,559)
Exercise of warrants (in shares)			157
Exercise of warrants	0		$ 2		(2)
Shares issued for debt conversion (in shares)				12,522
Issuance of penny warrants	13,510				13,510
Exercise of warrants		$ 33,139		$ 125		$ 33,014
Exercise of stock options (in shares)			9
Preferred stock dividends and accretion	(819)				(819)
Deemed dividends	(7,777)				(7,777)
Other comprehensive (loss) income	$ 3,622						3,622
Shares outstanding, ending balance (in shares) at Sep. 30, 2025	168,626		168,626
Equity, ending balance at Sep. 30, 2025	$ 96,905		$ 1,686		$ 1,014,970		$ (15,806)	$ (903,945)	$ 0

FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities at Fair Value on a Recurring Basis

Financial liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, consisted of the following (in thousands):


	September 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Liabilities:
Anti-dilution Right	$	—	$	—	$	25,278	$	25,278	$	—	$	—	$	18,454	$	18,454
Private Warrants	—		—		438		438		—		—		3,306		3,306
Share Purchase Agreement	—		—		—		—		—		—		14,905		14,905

Schedule of Changes in the Level 3 Liabilities Measured at Fair Value

The changes in the Level 3 instruments measured at fair value on a recurring basis were as follows (in thousands):


	Nine months ended September 30, 2025

	Anti-dilution Right		Private Warrants		Share Purchase Agreement
Balance (beginning of period)	$	18,454	$	3,306	$	14,905

Fair value measurement adjustments	6,824		(2,868)		(2,233)


Settlements	—		—		(12,672)
Balance (end of period)	$	25,278	$	438	$	—

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of the Business

T1 Energy Inc., a Delaware corporation (“T1,” the “Company”, “we”, or “us”), is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. We manufacture and sell photovoltaic (“PV”) solar modules in the United States for our U.S. customers.

Basis of Presentation

The unaudited condensed consolidated interim financial statements have been prepared in conformity with the accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information required by U.S. GAAP for complete consolidated financial statements.

The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements for the year ended December 31, 2024 and, in management’s opinion, include all adjustments, consisting of only normal recurring adjustments necessary for the fair statement of the Company’s condensed consolidated financial statements for the periods presented. The results of operations for the nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the full year ending December 31, 2025. The condensed consolidated balance sheet as of December 31, 2024, was derived from the audited consolidated financial statements as of December 31, 2024. However, these condensed consolidated interim financial statements do not contain all of the footnote disclosures required in annual consolidated financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025.

The condensed consolidated financial statements include the accounts of T1 and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period balances and amounts have been reclassified to conform with the current period’s presentation.

Use of Estimates

The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates and assumptions include, but are not limited to, estimates related to the fair value less costs to sell for assets held for sale, impairment of long-lived assets, derivative liabilities, the valuation of warrant liabilities, anti-dilution rights and share-based compensation. We base these estimates on historical experiences and on various other assumptions that we believe are reasonable under the circumstances, however, actual results may differ materially from these estimates.

Risks and Uncertainties

We are subject to those risks common to our business and industry and also those risks common to early stage development companies. These risks include those disclosed in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, as well as the risks described in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q.

Our net sales and profits remain subject to variability based on, among other things, the availability and size of government subsidies and economic incentives. We expect the benefits made available to us by the Inflation Reduction Act of 2022 to favorably impact our liquidity and capital resources in future periods. For example, we expect to qualify for the advanced manufacturing production credit under Section 45X of the Internal Revenue Code, which provides certain specified benefits for solar modules and solar module components manufactured in the United States and sold to third parties. Such credit may be refundable by the Internal Revenue Service (“IRS”) or transferable to a third party and is available from 2023 to 2032, subject to phase down beginning in 2030. Accordingly, we expect the advanced manufacturing production credit will provide us with a significant source of funding throughout its remaining period. To date we have not received cash proceeds from the sale or direct pay from 45X tax credits. In August 2025, we agreed to defer any payments due under the Sales Agency Agreement between Trina Solar (US), Inc. and T1 G1 Dallas Solar Module LLC (f/k/a Trina Solar US Manufacturing Module 1 LLC) dated December 23, 2024 (the “Sales Agency Agreement”) until the earlier of August 15, 2026 and 30 days after we begin to monetize our accrued 45X tax credits.

Our future liquidity requirements depend on many forward-looking factors, including the timing and extent of the following: cash flows from operations, capital expenditures for construction of future facilities and purchase of related equipment, spending on other growth initiatives, including through joint ventures, and general economic conditions. In addition to those activities, our short-term liquidity will be utilized to fund the current portion of non-cancellable commitments, including leases and debt obligations. Our revenue recognized through the date of this Report is concentrated between certain customers and the loss of a contract with such customers could have a material adverse effect on the

Company including its liquidity. We monitor our working capital to ensure we have adequate liquidity, if we fail to collect trade receivables in a timely manner, offer extended payment terms to customers, or face other challenges in managing our working capital, we may be required to obtain temporary sources of funding or access capital markets.

These condensed consolidated financial statements have been prepared by management in accordance with U.S. GAAP and this basis assumes that we will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of the date of this Report, we believe that our cash and cash equivalents, cash flows from operating activities, and contracts with customers for the future sale of PV modules, are sufficient to support our planned operations for at least the next 12 months from the date of issuance of these financial statements. Therefore, our financial statements have been prepared on the basis that we will continue as a going concern.

Concentration of Risks

Customer Concentration Risk

During the nine months ended September 30, 2025, three customers accounted for 60%, 17%, and 15% of our total net sales. Two customers accounted for 85% and 15% of our aggregate accounts receivable trade, net as of September 30, 2025. The loss of a significant customer could have a material adverse effect on the Company.

Supplier Concentration Risk

Several of our key raw materials, components, and manufacturing equipment are sourced from highly specialized suppliers. The failure of any key supplier to perform could disrupt our supply chain and impair our ability to deliver solar modules to customers in the required quality, quantities, and pricing, which could adversely affect our results of operations.

Production Concentration Risk

Our solar modules are currently produced at a single facility in the United States. Shortages of essential components or equipment due to increased demand, supply interruptions, or limited logistics availability could adversely affect our ability to meet customer demand. Damage to, or disruption of, this facility could interrupt operations and negatively impact our ability to generate net sales.

Cash Flow Information

Cash flow activity consisted of the following (in thousands):


	Nine months ended September 30,
	2025		2024
Cash payments included in operating activities:
Interest paid	$	12,240	$	—
Income taxes paid, net of refunds	—		—
Noncash investing and financing activities:
Accrued purchases of property and equipment	$	34,322	$	6,133
Issuance of penny warrants	13,510		—
Issuance of shares of common stock for debt conversion	33,139		—
Deemed dividend related to amendment to Preferred Stock	7,777		—
Deemed dividend related to amendment of Tranche Right	1,667		—

Restricted Cash

Certain cash balances are restricted as to withdrawal or use. Restricted cash includes funds held in restricted accounts for debt service, customs, certain contractual terms contained within rental agreements, and certain foreign government income tax withholding requirements.

Government grants receivable, net

The Inflation Reduction Act of 2022 (“IRA”) was signed into law in August 2022. Among other things, the IRA offers a tax credit, pursuant to Section 45X of the Internal Revenue Code (“IRC”), for solar modules and solar module components manufactured in the United States and sold to third parties. Such credit may be refundable by the IRS or transferable to a third party and is available from 2023 to 2032, subject to phase down beginning in 2030. We expect to qualify for a credit of approximately 7 cents per watt for each PV module we produce and sell to a third party. We recognize such credit as a reduction to cost of sales in the period the PV modules are sold to customers, and such credit is also reflected on our condensed consolidated balance sheets within government grants receivable, net.

Leases

Our operating leases primarily consist of our solar module facility in Wilmer, Texas and our G2_Austin solar cell manufacturing facility in Rockdale, Texas that we plan to develop. We also have short-term leases for which we elected to apply the short-term lease exemption to leases with a term of twelve months or less, and accordingly, have not recognized a right-of-use asset or lease liability. We have no other leases that are presented as continuing operations.

Deferred Revenue

During the nine months ended September 30, 2025, we recognized revenue related to deliveries of PV solar modules of $40.2 million that was included in deferred revenue at the beginning of the period.

Future Adoption of New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. This standard only modifies disclosure requirements; as such, we do not expect the adoption of this standard to result in a material impact on our condensed consolidated statements of operations and comprehensive loss, balance sheet or cash flows. We are currently evaluating the effect of the adoption of this standard on our disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the ASU can be applied prospectively or retrospectively. We are currently evaluating the effect of the adoption of this standard on our income tax disclosures related to our annual report for fiscal year 2025.

In July 2025, Accounting Standards Update 2025-05 (“ASU 2025-05”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, was issued to address challenges encountered when applying the guidance in Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This standard introduces a practical expedient for entities that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This standard is effective for annual periods, including interim reporting periods within annual reporting periods, beginning after December 15, 2025 with early adoption permitted. The Company is currently evaluating the impact of electing the practical expedient and the impact it may have on its consolidated financial statements and disclosures. We do not expect to incur material credit losses when assessing the collectability of receivable balances, and therefore, we do not expect the adoption of this standard to result in a material impact on our condensed consolidated statements of operations and comprehensive loss, balance sheet or cash flows.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for income taxes is recorded at the end of each interim period based on our best estimate of our effective income tax rate expected to be applicable for the full fiscal year. Our effective income tax rate was 11% and 0% for the nine months ended September 30, 2025 and 2024, respectively. The increase in the tax rate is due to additional valuation allowance recorded as a result of changes to the realizability of the Company's deferred tax assets. As a result of book impairments and increasing net operating losses, the Company is in a net deferred tax asset position, and therefore is recording a full valuation allowance as of September 30, 2025. For the nine months ended September 30, 2025 and 2024, the Company’s effective income tax rate differed from the U.S. statutory rate of 21% primarily due to the expected effect of the valuation allowance. As of September 30, 2025 and December 31, 2024, we did not have any uncertain tax positions. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the U.S. which contains a broad range of tax reform provisions affecting businesses, including the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, amendments to energy credits, and expanded Section 162(m) aggregation requirements. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has incorporated the provisions that were effective during the third quarter of 2025 and determined that the impacts did not have a material impact on its consolidated financial statements. The Company continues to assess any future impacts on its consolidated financial statements and will recognize the income tax effects beginning in the period in which they are effective.

- Definition

The entire disclosure for income tax.

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+ Details

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Total net sales	$ 210,522	$ 0	$ 396,741	$ 0
Deferred revenue	77,369		77,369		$ 48,155
Selling, general and administrative	62,663	17,397	166,027	46,085
Related party
Related Party Transaction [Line Items]
Total net sales	120,137	$ 0	239,891	$ 0
Related party \| Trina Group
Related Party Transaction [Line Items]
Total net sales	120,100		239,900
Amortization of intangible assets	11,400		34,000
Deferred revenue	53,800		53,800		$ 40,200
Selling, general and administrative	$ 31,800		$ 59,700

- Definition

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024


Leasehold improvements	$	193,659	$	—
Machinery and equipment	114,579		—
Office equipment	8,048		2,634
Construction in progress	6,939		284,136
Property and equipment	323,225		286,770
Less: Accumulated depreciation	(33,464)		(1,583)
Property and equipment, net	$	289,761	$	285,187

Depreciation expense was $13.5 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $31.9 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.

SEGMENTS - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
SEGMENTS - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Segment Reporting [Abstract]
Number of operating segments			1
Number of reportable segments			1
Total expenditures for additions to long-lived assets \| $	$ 6.4	$ 0.0	$ 36.5	$ 0.0

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

Details of net loss from discontinued operations, net of taxes, are as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Costs and expenses
General and administrative	$	367	$	1,118	$	8,771	$	15,301
Research and development	—		8,616		—		30,854
Restructuring charge	—		4,507		1,092		4,644
Share of net loss of equity method investee	1		150		426		484
Total costs and expenses	368		14,391		10,289		51,283
Loss from discontinued operations	(368)		(14,391)		(10,289)		(51,283)
Gain on disposal of property and equipment	—		—		5,675		—
Change in held for sale valuation allowance	(2,585)		—		(3,793)		—
Other income (loss), net	(13)		1,014		(5,206)		3,707
Loss from discontinued operations before income taxes	(2,966)		(13,377)		(13,613)		(47,576)
Income tax expense	—		—		(1,518)		—
Net loss from discontinued operations, net of tax	$	(2,966)	$	(13,377)	$	(15,131)	$	(47,576)

Details of the assets and liabilities of discontinued operations classified as held for sale in the condensed consolidated balance sheets are as follows (in thousands):



	September 30, 2025		December 31, 2024

Other current assets	$	768	$	8,926
Property and equipment, net	46,787		52,765
Intangible assets, net	161		1,625
Investments	—		515
Right-of-use asset under operating leases	3,858		1,078
Current assets of discontinued operations	$	51,574	$	64,909

Accounts payable	$	3,507	$	2,566
Accrued liabilities and other	14,021		5,764
Operating lease liability	15,713		15,136
Deferred revenue	174		—
Other current liabilities	7,000		27,543
Current liabilities of discontinued operations	$	40,415	$	51,009


	Nine months ended September 30,
	2025		2024
Depreciation	$	—	$	6,915
Amortization	—		113
Capital expenditures	2,674		34,683
Proceeds from the return of property and equipment deposits	1,202		22,735
Write-down of held for sale assets	(3,793)		—
Accrued purchases of property and equipment and intangible assets	—		6,133

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total net sales	$ 210,522	$ 0	$ 396,741	$ 0
Cost of sales	189,374	0	325,051	0
Gross profit	21,148	0	71,690	0
Operating expenses:
Selling, general and administrative	62,663	17,397	166,027	46,085
Impairment of intangible assets	53,208	0	53,208	0
Total operating expenses	115,871	17,397	219,235	46,085
Operating loss from continuing operations	(94,723)	(17,397)	(147,545)	(46,085)
Other (expense) income:
Warrant liability fair value adjustment	1,521	1,096	2,868	1,294
Derivative liabilities fair value adjustment	(30,868)	0	(4,591)	0
Loss on settlement of warrant liability	(5,836)	0	(5,836)	0
Interest (expense) income, net	(9,395)	1,074	(27,293)	3,627
Foreign currency transaction (loss) gain	2	(18)	(42)	556
Other (expense) income, net	(377)	1,066	(1,712)	4,788
Total other (expense) income	(44,953)	3,218	(36,606)	10,265
Loss from continuing operations before income taxes	(139,676)	(14,179)	(184,151)	(35,820)
Income tax benefit (expense)	12,083	0	20,575	(11)
Net loss from continuing operations	(127,593)	(14,179)	(163,576)	(35,831)
Net loss from discontinued operations, net of tax	(2,966)	(13,377)	(15,131)	(47,576)
Net loss	(130,559)	(27,556)	(178,707)	(83,407)
Net loss attributable to non-controlling interests	0	81	0	402
Preferred stock dividends and accretion	(819)	0	(2,601)	0
Preferred stock deemed dividend	(7,777)	0	(7,777)	0
Tranche right deemed dividend	(1,667)	0	(1,667)	0
Net loss attributable to common stockholders	$ (140,822)	$ (27,475)	$ (190,752)	$ (83,005)
Weighted average shares outstanding:
Weighted average shares of common stock outstanding - basic (in shares)	160,977	140,490	157,622	140,102
Weighted average shares of common stock outstanding - diluted (in shares)	160,977	140,490	157,622	140,102
Net loss per share attributable to common stockholders:
Net loss per share from continuing operations - basic (in USD per share)	$ (0.85)	$ (0.10)	$ (1.11)	$ (0.25)
Net loss per share from continuing operations - diluted (in USD per share)	(0.85)	(0.10)	(1.11)	(0.25)
Net loss per share from discontinued operations - basic (in USD per share)	(0.02)	(0.10)	(0.10)	(0.34)
Net loss per share from discontinued operations - diluted (in USD per share)	(0.02)	(0.10)	(0.10)	(0.34)
Net loss per share - basic (in USD per share)	(0.87)	(0.20)	(1.21)	(0.59)
Net loss per share - diluted (in USD per share)	$ (0.87)	$ (0.20)	$ (1.21)	$ (0.59)
Other comprehensive loss:
Net loss	$ (130,559)	$ (27,556)	$ (178,707)	$ (83,407)
Foreign currency translation adjustments	3,622	5,973	43,169	(15,209)
Foreign currency translation adjustments	(126,937)	(21,583)	(135,538)	(98,616)
Comprehensive loss attributable to non-controlling interests	0	81	0	402
Preferred stock dividends and accretion	(819)	0	(2,601)	0
Deemed dividend related to amendment of Tranche Right	(1,667)	0	(1,667)	0
Comprehensive loss attributable to common stockholders	(137,200)	(21,502)	(147,583)	(98,214)
Nonrelated party
Total net sales	90,385	0	156,850	0
Related party
Total net sales	$ 120,137	$ 0	$ 239,891	$ 0

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 10, 2025, the Company entered into a Simple Agreement for Future Equity (the “SAFE”) with Talon PV, LLC. Pursuant to the SAFE, the Company is investing $5.0 million (the “Purchase Amount”) in exchange for the right to certain shares of Talon’s Capital Stock. On October 23, 2025, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain purchasers (the “Purchasers”) for the sale of an aggregate of $72.0 million of shares of common stock of the Company, par value $0.01 per share, the closing of which occurred on October 24, 2025. Pursuant to the terms and subject to the conditions of the Securities Purchase Agreement, the Purchasers purchased an aggregate of 22.2 million shares of Common Stock at the subscription price of $3.25 per share of Common Stock. The Company intends to use the net proceeds from such sale of common stock for (i) working capital, (ii) strategic investments and partnership development and (iii) advancement of energy technology and infrastructure projects. On October 31, 2025, the Company entered into the Encompass Stock Purchase Agreement. Pursuant to the terms and subject to the conditions of the Encompass Stock Purchase Agreement, in partial consideration for the redemption and cancellation of all then-issued and outstanding shares of the Series A Preferred Stock, Encompass purchased (i) 21.5 million shares of Common Stock and (ii) 1.6 million shares of the Company’s Series B Preferred Stock. The Encompass Stock Purchase Agreement amends and restates the Preferred Stock Purchase Agreement by and between the Company and the purchasers thereto, dated as of November 6, 2024, as amended on March 21, 2025, April 29, 2025 and August 13, 2025. In addition, under the Encompass Stock Purchase Agreement, Encompass purchased 5.0 million shares of the Company’s Series B-1 Preferred Stock, at a price of $10.00 per share of Series B-1 Preferred Stock, for aggregate gross proceeds to the Company of $50.0 million. The Encompass Stock Purchase Agreement contains customary representations and warranties and agreements of the Company and Encompass and customary indemnification rights and obligations of the parties. The closing of the transactions occurred on October 31, 2025. The Company intends to use the net proceeds from the issuance of the Series B-1 Preferred Stock for (i) working capital, (ii) strategic investments and partnership development, (iii) advancement of energy technology and infrastructure projects, and (iv) general corporate purposes. On November 14, 2025 we entered into a Letter Agreement and Amendment No. 7 to our Credit Agreement pursuant to which we received a waiver for, among other things, any non-compliance under the Credit Agreement as a result of the potential dispute with one of the Company’s acquired customer contracts that occurred during the quarter ended September 30, 2025, and consent for entry into an offtake contract with a different counterparty.

COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2025	Nov. 07, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	333-274434
Entity Registrant Name	T1 Energy Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-3205861
Entity Address, Address Line One	1211 E 4th St.
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78702
City Area Code	409
Local Phone Number	599-5706
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		212,365,815
Entity Central Index Key	0001992243
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	TE
Security Exchange Name	NYSE
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
Trading Symbol	TE WS
Security Exchange Name	NYSE

DEBT

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

DEBT

Our debt arrangements consisted of the following (in thousands):


Loan Agreement	September 30, 2025		December 31, 2024
Trina Solar AG Note	$	150,000	$	150,000
Trina Solar (U.S.), Inc. Production Reserve Fee	220,000		220,000
Senior Secured Credit Facility	205,206		235,000
Convertible note - related party	47,092		80,000
Total debt principal	622,298		685,000
Less: unamortized discount	(74,972)		(82,723)
Total debt	547,326		602,277
Less: current portion	120,096		94,367
Noncurrent portion	$	427,230	$	507,910

Trina Solar AG Note

In connection with the Trina Business Combination, we entered into a credit agreement with Trina Solar (Schweiz) AG, a related party. The principal on the note is payable in quarterly installments of $7.5 million commencing on December 31, 2025 and concluding on the December 23, 2029 maturity date with the repayment of the final $30.0 million. The note bears interest at a rate per annum equal to 1.0%.

Trina Solar (U.S.), Inc. Production Reserve Fee

In connection with the Trina Business Combination, we assumed a debt obligation with Trina Solar (U.S.), Inc., a related party. The principal on the debt is payable in annual installments of $44.0 million commencing on the first anniversary of the closing of the Trina Business Combination and matures on December 23, 2029. Provided that the Company makes all scheduled installment payments, the debt will bear no interest. However, if the Company fails to make an installment payment, both parties shall negotiate a revised payment schedule in good faith, and any unpaid installment balance will accrue interest at a rate of 6.0% per annum.

Senior Secured Credit Facility

In connection with the Trina Business Combination, we assumed a $235.0 million senior secured credit agreement with a consortium of banks, with HSBC Bank USA, N.A. serving as the administrative agent (as amended, the “Credit Agreement”). The Credit Agreement is dedicated to financing the development, construction, and operation of our five gigawatt solar module manufacturing project in Wilmer, Texas, as well as funding related fees and expenses. The Credit Agreement matures on December 31, 2029.

Borrowings under the Credit Agreement are secured by substantially all of our project-related assets. Interest on amounts drawn accrues at our option of either (i) a base rate (as defined in the Credit Agreement) plus a margin of 3.5% or (ii) the Secured Overnight Financing Rate (“SOFR”) plus a margin of 2.5%. Following the substantial completion of the Wilmer facility and satisfaction of other conditions precedent, the Credit Agreement was converted from a construction loan to a term loan in Q2 2025 resulting in the start of principal repayments. We may prepay outstanding amounts in whole or in part at any time, subject to certain customary conditions. The Credit Agreement requires us to comply with specified financial and non-financial covenants including a debt service ratio. We were in compliance with the financial and non-financial covenants in the Credit Agreement through the date of this Report.

On November 14, 2025 we entered into a Letter Agreement and Amendment No. 7 to our Credit Agreement pursuant to which we received a waiver for, among other things, any non-compliance under the Credit Agreement as a result of the potential dispute with one of the Company’s acquired customer contracts that occurred during the quarter ended September 30, 2025, and consent for entry into an offtake contract with a different counterparty.

Convertible note - related party

In connection with the Trina Business Combination, we issued an $80.0 million convertible note on December 23, 2024 due in five years to Trina Solar (Schweiz) AG, a related party. Under the terms of the note, conversion into our common stock was expected to take place in two stages: (i) into 12.5 million shares of common stock, subject to certain adjustments, within five business days of obtaining approval from the Committee on Foreign Investment in the United States (“CFIUS”) on the Trina Business Combination and (ii) into 17.9 million shares of common stock, subject to certain adjustments, within five business days of securing required stockholder approval. The convertible note had an initial interest rate of 7% per annum and escalates by an additional 3% starting six months after the closing of the Trina Business Combination and every 60 days thereafter if conversion does not occur within specified deadlines.

On September 5, 2025, the first stage of the convertible note was converted into 12.5 million shares of common stock. A special meeting of stockholders is scheduled to be held on December 3, 2025 to obtain shareholder approval for the conversion of the remaining balance of the convertible note into 17.9 million shares of common stock.

Interest Rates

As of September 30, 2025, our debt borrowing rates were as follows:


Loan Agreement	Interest Rate	Effective Interest Rate
Trina Solar AG Note	1.0%	6.0%
Trina Solar (U.S.), Inc. Production Reserve	—%	4.9%
Senior Secured Credit Facility	SOFR plus 2.5%	7.5%
Convertible note - related party	13.0%	13.0%

Schedule of Principal Maturities of Debt

The aggregate maturities of long-term debt as of September 30, 2025 were as follows (in thousands):


Remainder of 2025	$	64,574
2026	120,357
2027	125,578
2028	124,950
2029	186,839
Thereafter	—
Total	$	622,298

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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+ Details

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory consisted of the following (in thousands):


	September 30, 2025		December 31, 2024

Raw materials	$	112,321	$	253,409
Spare parts	680		—

Finished goods - PV solar modules	138,957		21,140
Total	$	251,958	$	274,549

WARRANTS	9 Months Ended
WARRANTS	Sep. 30, 2025
Warrants and Rights Note Disclosure [Abstract]
WARRANTS	WARRANTS Public and Private Warrants As of September 30, 2025 and December 31, 2024, we had 24.6 million warrants outstanding (the “Warrants”), consisting of 14.7 million public warrants (the “Public Warrants”) and 9.9 million private warrants (the “Private Warrants”). Each Warrant entitles the holder thereof to purchase one share of our common stock at a price of $11.50 per share, subject to adjustments. The Warrants will expire on July 9, 2026, or earlier upon redemption or liquidation. We may call the Public Warrants for redemption once they become exercisable, in whole and not in part, at a price of $0.01 per Public Warrant, so long as we provide at least 30 days prior written notice of redemption to each Public Warrant holder, and if, and only if, the reported last sales price of our common stock equals or exceeds $18.00 per share for each of 20 trading days within the 30 trading-day period ending on the third trading day before the date on which we send the notice of redemption to the Public Warrant holders. We determined that the Public Warrants are equity classified as they are indexed to our common stock and qualify for classification within stockholders’ equity. As such, the Public Warrants are presented as part of additional paid-in capital on the condensed consolidated balance sheets. The Private Warrants are identical to the Public Warrants, except that so long as they are held by a certain holder or any of its permitted transferees, the Private Warrants: (i) may be exercised for cash or on a cashless basis and (ii) shall not be redeemable by us. We determined that the Private Warrants are not considered indexed to our common stock as the holder of the Private Warrants impacts the settlement amount and thus, they are liability classified. The Private Warrants are presented as other long-term liabilities on the condensed consolidated balance sheets. If Private Warrants are sold or transferred to another party that is not the specified holder or any of its permitted transferees, the Private Warrants become Public Warrants and qualify for classification within stockholders’ equity at the fair value on the date of the transfer. See also Note 10 – Fair Value Measurement. EDGE Warrants As of December 31, 2024, we had 0.7 million warrants held by EDGE Global LLC ("EDGE Global") or its co-owners that were outstanding and exercisable. Each of these warrants entitled the holder thereof to purchase one share of our common stock at the exercise price of $1.22, subject to adjustments. During the nine months ended September 30, 2025, all remaining 0.7 million warrants were settled through the issuance of 0.2 million shares of common stock resulting from a cashless exercise.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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